KPMG has been hauled over the coals by the Public Company Accounting Oversight Board for some pretty basic deficiencies. Read through the PCAOB report , and you realize we are talking Accounting 101.

The deficiencies cover a broad range of areas, from a failure to obtain sufficient competent matter to support its audit opinion, to a failure to test whether certain data the company provided was complete, accurate and relevant, to ascertaining whether internal controls were up to scratch.

The report relates to seven unnamed companies, a point that I think highlights the problem with the PCAOB. Investors have a right to know which companies are dragging the chain when it comes to keeping their books in order.

In its defense, KPMG said it was no big deal.

"None of the matters identified by the PCAOB in its inspection required the reissuance of any previously issued reports on financial statements," KPMG said. "In the past several years, we have enhanced the processes by which we ensure high quality, made fundamental changes to our operating and risk management structure, and put cultural and governance reforms into effect that reflect the highest ethical standards. We have taken these actions mindful of our responsibility to the capital markets. We are committed to continually improving our firm and the profession and working constructively with the PCAOB to improve audit quality."

For KPMG, it's just business as usual.